ECS3709 Assignment 1 COMPLETE ANSWERS) ; 100% TRUSTED Complete, trusted solutions and explanations.

ECS3709 Assignment 1 COMPLETE ANSWERS) ; 100% TRUSTED Complete, trusted solutions and explanations.

Part 1: Standard of Living (Total: 50 Marks) 1. Provide a
comprehensive definition of the standard of living. Discuss how
it differs from related concepts such as quality of life and
economic prosperity (5 marks). 2. Explain any four of the
various methods including other relevant indicators used to
measure the standard of living (5 marks). 3. Discuss the
advantages and limitations of each measurement or indicator
referred to in Question 2 (5 marks). 4. Identify and critically
evaluate the flaws and limitations inherent in the common
methods of measuring the standard of living (5 marks). 5. Use
real life examples to explain how factors such as income
inequality, environmental impact, and cultural differences can
affect differences in standard of living among countries (10
marks). 6. Discuss how income inequality, environmental
impact, and cultural differences interact and influence each other
(5 marks). 7. Provide a snapshot of the standard of living in at
least three different countries based in Sub-Saharan Africa,
using current data and statistics. Indicate the data source(s) for
the countries you have chosen. Thereafter, compare and contrast
the standard of living in these countries, considering both
quantitative and qualitative measures (10 marks). 8. Discuss any
significant trends or changes in the standard of living in these
countries over the past five years starting from 2019 (5 marks).
Part 2: Savings, Investment, Capital Accumulation, and
Economic Growth (Total: 50 Marks) 1. Discuss how savings